Keys to Performing Better Property Appraisals in a Quickly Changing Market
It can be difficult to perform property appraisals in the current housing market when conditions are changing so rapidly.
An appraiser’s job is tough because you may be able to see the changes coming up in the marketplace before the data even reflects it. But data is what you have to rely upon to produce a value.
Changing market conditions can also mean different expectations from appraisal clients.
Some lenders may be looking you to tighten up and look at forced sale values, or sales over a lesser timeframe, in an effort to lend more conservatively.
Real estate sales professionals may want to see the property value more closely to reflect the sale price of the property.
Your tools will enable you to produce your valuation while ensuring that all sides understand how you got to your result.
Tools, tools, tools
An appraiser’s job, while tough, is made easier with certain property tools.
While you may have your legacy tools that you rely on – another option is to use tools that the real estate industry is already using.
You know your basic needs – to see actual sales, to see history data, to look at property details, etc. Tools can help uncover this quickly and cost-efficiently.
For example, pulling your property data using a tool like GeoWarehouse provides you with the same data that the real estate financial professional has likely looked at, and may lead to more aligned and consistent results.
You can trust that the GeoWarehouse data source is accurate and up-to-date because the property data comes from the Province of Ontario Land Registration Information System, POLARIS. This means that it’s data that you can rely on for your appraisals, regardless of market conditions.
Not a GeoWarehouse subscriber? Become one today. Find out how by calling 1-866-237-5937 or visiting www.geowarehouse.ca.